Nearly two years after being forced to close their Compton location, OneUnited Bank announced the opening of a new “state-of-the-art” branch at 1495 N. Wilmington Avenue.
The largest Black-owned bank in America, OneUnited closed their previous Compton branch after what the bank described as the landlord’s refusal to renew their 20-year-old lease in favor of national chain sneaker store.
With more customers moving to digital banking, bank officials considered permanently closing the branch before ultimately citing their long-standing commitment to Compton residents as the motivation behind the bank’s decision to relocate.
According to the bank’s President & Chief Operating Officer, Teri Williams, the new branch will allow OneUnited to provide a variety of financial services to the Compton community. “We offer affordable banking services for the full range of customers including BankBlack 2 Day Early Pay to multifamily/apartment financing at low rates to expand affordable and well-maintained housing in our community.”
During the branch’s grand opening, the bank also renewed their support for Compton Jr. Equestrians, presenting the organization with a check for $5,000. Founded by Compton natives, Jamie Vance and Randall Hook, Compton Jr. Equestrians uplifts at-risk local youth through mentoring, academic enrichment, and exposure to nature.
“We are committing to closing the racial wealth gap in the City of Compton in our community’s long tradition of each one, teach one,” says Williams. “We believe in defining our community by our assets, rather than our challenges…The City of Compton has many assets.”